October 2, 2022

According to the Israeli business newspaper Calcalist, Celsius had to lay off 150 people, or 25% of its workforce. The company, whose headquarters are in New Jersey, has roughly 651 employees. Celsius also has offices in other countries such as Israel and the UK.

This lending platform has had to “break up” with 25% of its employees because it is on the verge of bankruptcy. Celsius has hired lawyers to help it prepare for the “bankruptcy” process, as well as legal advisors, in the hopes of finding more ways out.

By May 2022, the company had lent more than $8 billion to clients and was managing $12 billion in assets. Due to its incredibly bleak condition of operation right now, Celsius does not even make it onto the FTX exchange’s “rescue list” despite its “glorious” worth in the past. commercial activity.

After more than 10 days of being “quiet”, Celsius’s most recent status on June 30 stated that the company is still trying to recover liquidity in order to try to reopen the platform, which will take more time and request the user’s patience. The investing platform BnkToTheFuture, one of its owners, has suggested  options for how the business might save itself.

However, Celsius is not the first nor the last cryptocurrency company to lay off staff. Many cryptocurrency businesses have been compelled to “tighten their belts” in order to lay off workers and scale back operations due to the market’s protracted downturn.

Summited by HotQA